Financial education in schools petition gains 15,000 signatures

A petition calling for financial education in schools has collected more than 15,000 signatures.

The petition, hosted on the government's Direct Gov website, was created by Martin Lewis, founder of MoneySavingExpert.com.

It calls for financial education to be made a compulsory part of the school curriculum.

If petitions on the site receive 100,000 signatures or more, they will be considered by a Parliament committee for a House of Commons debate.

The petition reads: "We are a financially illiterate nation, with millions caught by misselling, overborrowing and being ripped off.

"Companies spend billions on marketing and teaching their staff to sell and it is time we got buyers' training.

"The most cost effective way to start is to ensure every child in the country gets a basic understanding of personal finance and consumer rights before leaving school."

Richard Fyfe, IFA at Fyfe Financial Planning, said he has signed up to the petition. However, other IFAs are not as supportive of the effort.

"Basic financial education is a must but its effect will be diluted unless the regulatory bodies back up the message," said Simon Goldthorpe, director of Beaufort Asset Management.

"The FSA has absolved itself of any responsibility for education by saying it was now the responsibility of the Consumer Financial Education Body (CFEB).

"The FSA is still responsible for the health of the financial services industry so whilst it may not be responsible for education directly, it is very much responsible for the industry environment."